Primary
Primary S.A. is an Argentine B2B fintech that builds integrated technology platforms — order management, brokerage back office, fund administration, treasury, and co-location — for capital markets intermediaries across Argentina and Latin America.
- Company typePrivate
- Founded2017
- HeadquartersBuenos Aires, Argentina
- Headcount101–250
- GTM typeB2B
- OfferingSoftware
What Primary does
Primary S.A. is an Argentine B2B fintech that builds and licenses integrated technology platforms for capital markets participants across Latin America. Its product ecosystem covers the full trade lifecycle — order management (Matriz OMS), brokerage back office (ESCO bolsa), fund administration (ESCO fondos), institutional portfolio management (ESCO inversiones), treasury and risk (Lumina Treasury), co-location services (Flex), and AI agents (Co-Piloto de IA) — delivered either on-premise or as cloud-hosted services via the ESCO API suite (REST, WebSocket, FIX). The platforms integrate natively with Argentine market infrastructure (BYMA, MAE, MATBA-ROFEX, MAV, ACyRSA, Caja de Valores) and international custodians (DTC, Euroclear), and embed regulatory compliance for Argentina, Paraguay, and Uruguay.
Primary's customers are financial intermediaries — primarily ALyCs (settlement and compensation agents), FCI fund administrators, institutional and corporate investors, stock exchanges, and emerging fintechs — served through direct enterprise sales and a partner ecosystem that includes Huawei Cloud, Lumina Americas, Skyblue Analytics, Novora, Poincenot, Talaris, and complif. Named clients include BBVA, Santander Asset Management, Schroders, StoneX, Eco Valores, Atlas Securities, Max Capital, TradeSpark (ArQuants), Leiva, Transatlántica, and the Bolsa de Valores de Asunción, where Primary co-developed the SEN electronic trading system that brought 98% of negotiations onto electronic rails.
Revenue derives primarily from recurring platform software licensing (on-premise and cloud-hosted 'as a service'), supplemented by API access tiers and professional services including implementation, training, certification (e.g., ESCO fondos on-demand programs), and security hardening. Pricing is not publicly disclosed; commercial engagement is initiated via email or LinkedIn outreach. Primary holds ISO 9001 certification for its ESCO systems, has been operating since 1998, employs 101–250 staff across Buenos Aires and Rosario, and is privately held with no disclosed funding rounds, ownership changes, or M&A activity.
Primary firmographics
Firmographics- Name
- Primary
- Legal name
- Primary S.A.
- Website
- https://primary.com.ar
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Primary S.A. is an Argentine B2B fintech that builds integrated technology platforms — order management, brokerage back office, fund administration, treasury, and co-location — for capital markets intermediaries across Argentina and Latin America.
- Ownership category
- akta.pro rank
Where Primary is headquartered
LocationHeadquarters
- HQ city
- Buenos Aires
- HQ country
- Argentina
- HQ region
- Latin America
Offices2 records
Markets served
Primary business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales
Revenue model
- Platform Software Licensing: Primary derives revenue from licensing its core B2B software platforms (ESCO bolsa, ESCO fondos, Matriz OMS, ESCO inversiones, Flex) to financial intermediaries. Platforms are licensed for on-premise deployment or consumed as cloud-hosted services (as a service model). Implementation, training, and certification services are bundled.
- API Access and Integration Services: Revenue generated through the ESCO API suite, which provides programmatic access to platform functionality. Clients integrate via REST, WebSocket, and FIX protocols. The API Hub and reMarkets sandbox support developer adoption. API access is offered as part of platform licensing or as a separate programmatic access tier.
- Professional Services and Training: Fees from implementation, configuration, training, and certification programs (e.g., ESCO fondos certification on demand). Includes onboarding support and pentest/security hardening services.
Go-to-market motion2 records
Distribution channels3 records
Marketing channels6 records
Primary product offering
Product offeringCore offering
Primary develops and licenses B2B software platforms for capital markets participants in Argentina and Latin America. Its offering covers the full trade lifecycle — order management (Matriz OMS), brokerage back office (ESCO bolsa), fund administration (ESCO fondos), portfolio management (ESCO inversiones), treasury and risk (Lumina Treasury), and co-location (Flex) — delivered as on-premise or cloud-hosted solutions with REST/WebSocket/FIX APIs.
Product overview
Primary is a B2B technology company (Primary S.A.) providing a comprehensive platform ecosystem for capital markets participants in Argentina and Latin America. The product portfolio centers on six core platforms: matriz OMS (order management system), esco bolsa (broker back office), esco fondos (fund administration), esco inversiones (portfolio management), flex (digital operation services), and Lumina Treasury (treasury and risk management). These platforms are complemented by a robust API layer (esco api), simulation environment (reMarkets), and AI agents. The architecture supports the full lifecycle of market interaction: access, trading, risk management, back office, and post-trade operations across equity, fixed income, derivatives, and fund markets.
Differentiator
Problem solved
Functional benefit
Brands
- Matriz OMS: Order Management System platform with connectors to ByMA and Matba Rofex, pre-trade risk control, web/desktop/mobile terminals, FIX/REST/Websocket APIs, and TradingView integration for technical analysis.
- esco bolsa
- esco fondos
- esco inversiones
- Flex
- Lumina Treasury
- esco API
- reMarkets
Products and services
- Matriz OMS Order management system for ALyCs and brokers providing order administration, pre-trade risk control, and multi-market order routing across Argentine and regional exchanges, with web, desktop, and mobile terminals and TradingView integration.
- ESCO bolsa Integrated brokerage back-office platform for ALyCs covering client management, custody, settlement, treasury, accounting, regulatory compliance, and integrations with BYMA, MAE, Matba Rofex, MAV, FCI, and international markets.
- ESCO fondos
Quantifiable outcome
- 98% of negotiations at Bolsa de Valores de Asunción became electronic with the SEN system built by Primary
- +2 more outcomes
Companies that use Primary
Customer profileNamed customers12 records
Segments5 records
Ideal customer profiles5 records
Primary technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration18 records
AI capability5 records
Feature8 records
Primary partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core.
- NovoracoreNovora is a cognitive back-office technology company that integrates Primary's infrastructure and software leadership with its own AI technology to transform back-office operations into a cognitive model. Together, they deploy native AI agents that provide security to institutions and enable teams to operate at higher speed.
- Huawei CloudcoreHuawei Cloud partners with Primary to build secure, robust, and scalable infrastructure for the financial services ecosystem in Argentina and LATAM. Together they co-create products enabling end customers to focus on sales while delegating infrastructure management to Primary.
- PoincenotcorePoincenot is a financial technology firm that uses Primary's bursatile infrastructure to offer high scalability and complexity trading capabilities to its clients. Poincenot highlights Primary's modern technology and compliance with current standards.
- Skyblue AnalyticscoreSkyblue Analytics develops multi-market investment platforms integrating AI through assistants designed to optimize experience and operational efficiency. Together with Primary, they are creating platforms of the future, integrating local and international markets and AI via assistants and agents.
- Lumina AmericascoreLumina Americas is a software company specialized in investment banking solutions for Latin America with a leadership position in Mexico. The alliance with Primary enables the combined company to reach new opportunities and expand the joint product and service offering to clients.
- TalariscoreTalaris is a mobile trading app for ALyC clients enabling access to various financial markets. The combination of Primary's technology and Talaris provides clients with mobile access to financial markets from anywhere.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
Primary competitors and assessment
Company assessmentDirect peers
- Murex: Capital markets and treasury platform serving trading, risk, post-trade and securities processing for banks, broker-dealers and asset managers. Closely comparable to Primary's integrated front-to-back platform model across capital markets.
- Charles River Development (State Street): Order management, portfolio management and fund administration platform owned by State Street. Directly comparable to Primary's ESCO inversiones portfolio management and ESCO fondos fund administration offerings for institutional asset managers and fund administrators.
- ION Group: Provider of mission-critical capital markets, treasury, and post-trade software (including Fidessa OMS, Wallstreet Suite, Calypso). Directly comparable to Primary's full-lifecycle OMS, brokerage back office, fund administration and treasury platform stack.
- Itiviti (now part of Broadridge): Trading technology and connectivity platform (now under Broadridge) providing OMS, EMS and FIX-based market access. Directly comparable to Primary's Matriz OMS and FIX/REST/WebSocket-based connectivity to BYMA, MAE and Matba Rofex.
Broad incumbents
- Temenos: Core banking and wealth management software platform serving banks and financial intermediaries globally. Comparable to Primary's ESCO plataforma stack in the sense of providing regulated, integrated back-office technology to financial institutions in emerging markets.
- Finastra: Global financial software provider covering capital markets, lending, treasury and retail banking (FusionCapital, Kondor). Comparable to Primary as a broad incumbent offering capital markets and treasury technology to financial intermediaries.
- Broadridge Financial Solutions: Global capital markets and investor communications infrastructure provider. Comparable as the dominant incumbent providing OMS, post-trade, regulatory and fund administration technology to broker-dealers and asset managers worldwide — the same end markets Primary serves in Argentina and LatAm.
- FIS (Fidelity National Information Services): Large-cap financial technology incumbent offering capital markets, treasury, asset management and back-office solutions (including acquired SunGard platforms). Comparable as a broad incumbent that competes for similar broker-dealer and fund administrator IT spend.
- Bloomberg AIM (OMS): Enterprise order management and execution platform integrated with Bloomberg Terminal and EMS. Comparable to Primary's Matriz OMS for ALyCs and front-to-back connectivity; Bloomberg/Refinitiv also serve as instrument pricing integrations into ESCO inversiones.
Regional players
- Lumina Americas: Investment banking solutions vendor with a leading position in Mexico. Listed by Primary as a strategic alliance partner; comparable as a regional treasury and capital markets technology peer for LatAm financial intermediaries.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Customer concentration
Primary social profiles
Digital presencePrimary compliance and trust
Trust signalCompliance1 record
Primary financial estimates
Financial estimateRevenue estimate
Valuation estimate
Primary leadership team
Management profileNumber of profiles
Profiles5 records
Primary funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Primary M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Primary
What does Primary do?
Primary develops and licenses B2B software platforms for capital markets participants in Argentina and Latin America. Its offering covers the full trade lifecycle — order management (Matriz OMS), brokerage back office (ESCO bolsa), fund administration (ESCO fondos), portfolio management (ESCO inversiones), treasury and risk (Lumina Treasury), and co-location (Flex) — delivered as on-premise or cloud-hosted solutions with REST/WebSocket/FIX APIs.
Is Primary a public or private company?
Primary is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Primary founded?
Primary was founded in 2017. It employs 101 to 250 people.
Where is Primary based?
Primary is headquartered in Buenos Aires, Argentina, in the Latin America region.
How does Primary make money?
Three revenue lines are on record. Platform Software Licensing is the primary driver. The others are API Access and Integration Services and professional Services and Training.
Who are Primary's main competitors?
Direct peers on record are Murex, Charles River Development (State Street), ION Group and Itiviti (now part of Broadridge). Broad incumbents are Temenos, Finastra, Broadridge Financial Solutions, FIS (Fidelity National Information Services) and Bloomberg AIM (OMS). Lumina Americas is listed as a regional player.
Does Primary have an API?
Yes. Primary offers a comprehensive suite of APIs for trading, back office, and fund management operations. The API Hub (apihub.primary.com.ar) provides access to: Trading API (REST/WebSocket/FIX protocols) for market data and order routing; Post Trade API (REST) for operations, positions, margins, and accounting; Risk API for position and guarantee management; esco bolsa API for broker back office integration (account management, movements, holdings, reports); esco fondos API for fund back office integration (subscription/redemption, account administration); and Matrix OMS API for order management and risk control. Available protocols include FIX, REST, and WebSocket. A sandbox environment (reMarkets) is available for testing 24/7. Developer documentation is at apihub.primary.com.ar.